The Cheapest And Most Expensive Cities In America To Start A New Company
Starting a new company is not an easy task, especially when you throw in the costs of hiring employees and acquiring a suitable place to conduct business. However, creating a new company can be easier in some cities than others. So which cities in America are best suited for starting a new company? And which are the worst?
To find out, cost information website HowMuch.net gathered all the relevant data to create two new charts which display the ten most expensive cities as well as the ten cheapest cities in the America in which to start a new company.
SmartAsset, a personal financial advice website, studied 80 cities and calculated the average costs for starting a new company. They took into account everything from legal, accounting, and filing fees to office space, utilities and payroll.
HowMuch.net then turned each of the costs into a percentage of the overall startup cost and created the pie charts you see below to help you easily understand the costs associated with creating a new company in cities across America.
As is almost always the case, payroll accounts for over 80 percent of the total price tag on average in every location. Interestingly, however, they did discover that the more affordable cities, such as Wichita at 91.4 percent, devote a higher percentage of their budgets to making payroll than less affordable locales like New York, where only 80.1 percent of the budget is devoted to paying employees.